It has been a truly rollercoaster ride for renewable energy stocks in 2021. At the beginning of the year, the bullish sentiments about the sector had pushed many of the stocks to unprecedented highs but eventually, the rally worse off, and the stocks corrected. However, amidst all that, there are still some stocks that continue to drive interest among investors and analysts. Here is a look at three renewable energy stocks which you could start tracking.
The first one to look into is SunPower. As the name suggests, the company is involved in the solar energy sector, however, at the same time, it should be noted that SunPower has streamlined its business considerably. It not only sold its utility-scale solar unit but also spun off its solar panel-making business. Additionally, the company is also looking for a buyer or alternative options for commercial solar operations.
SunPower has done all this to concentrate solely on the residential solar installation space, which has emerged as one of the more valuable niches in the solar power industry. This move has served the company well and the stock has managed to deliver strong gains to its investors as well. However, the next few years are going to be critical for the company and if it can continue to grow its residential solar installation business, then things could get even better.
Enphase Energy is one of the better-known names in the equipment controlling and monitoring niche in the solar power industry. Over the course of the past seven years, the company has gone from strength to strength and emerged as a leader in its industry. More importantly, the Enphase stock has managed to deliver gains of a staggering 2000% in the past seven years alone.
However, at the same time, it should be kept in mind that Enphase has continued to develop new products at a remarkable pace and recently came up with its eighth-generation micro converter system. The company’s expertise in its niche and its technological prowess makes the Enphase stock one to watch in the renewable energy space.
Lastly, it is the Lucid Group stock, which has given its investors a rollercoaster ride to remember so far this year. The company had gone public through a SPAC merger earlier this year in July and by the time October came along the electric vehicle, the company had also started making deliveries.
It should be noted that experts believe that Lucid Group possesses some of the most advanced technology in the electric vehicle industry at this point. In addition to that, the company is also cash-rich, reservations stand at more than 17000, and at this point in time, its plant is poised to meet the demand for 2022 as well.